Sabic reports higher sales and profit, says US shale unlikely to make impact for some time

1:49 PM MDT | July 21, 2014 | Natasha Alperowicz

Sabic today reported second-quarter net profit increased 7%, to 6.46 billion Saudi riyals ($1.72 billion), with operating profit rising 1%, to SR10.07 billion. Sales were up 7% to SR48.15 billion. Mohamed Al Mady, CEO, addressing a news conference at Riyadh after announcing the results, said that the global outlook for petrochemical demand in the next three years is positive and prices have room to rise. Shale gas will be produced in only large quantities in the United States in 2018, according to forecasts, leaving room for improvement in...